The stock is down 10 percent to $8.06 a share this morning. And a couple of analysts have lowered their earnings expectations since BioShock 2, which was due to arrive this fall, will now appear sometime in 2010. At the same time that Take-Two announced the delay, it also significantly lowered its guidance for the 2009 fiscal year that closes in November.

Now the company expects fiscal year 2009 revenue to hit $960 – $1.0 billion, down from $1.05 – $1.15 billion. Pro forma earnings per share will be a loss of 80 – 95 cents a share, compared to earlier guidance of breakeven to 20 cents a share profits. The New York-based company also cited weaker than anticipated sales of catalog titles and new games such as the MLB 2K9 baseball game.

Wedbush Morgan Securities lowered its revenue estimates to $987 million from $1.13 billion for the fiscal year 2009, and it now expects an 83 cents a share loss instead of a profit of 10 cents. Ben Schachter, an analyst at Broadpoint AmTech, said Take-Two may be an attractive takeover target. Electronic Arts tried to take over the company in 2008 but withdrew its bid because it couldn’t agree on price.